MONEY LAUNDERING AND TERRORISM FINANCING PREVENTION
1. Proactive. As a company that provides cross-border financial services, Mrexchanger.com is committed to keeping your accounts protected from illicit money flows. We rely on national and international practice to effectively identify, assess and analyze any money laundering and terrorist financing risks to which we may be exposed.
Therefore, for crypto asset payments that our risk monitoring identifies as suspicious, AML / KYC verification may apply. In these cases, the Site service will contact the User by email registered in the account.
2. Customer due diligence (AML / KYC verification). We use established criteria and internal procedures to verify the profiles of our clients. Customer due diligence measures are applied before establishing a business relationship with the customer and thereafter, especially when there is reasonable suspicion of money laundering or terrorist financing. We identify and verify the identities of both the client and the beneficial owner, as well as obtain and evaluate information about their intentions and activities.
The verification procedure includes confirming the identity of the Users by:
- uploading high-quality photos of their identity document (passport or driver's license) valid in their country;
- video identity verification.
In certain cases, proof of origin of the funds or any other applicable documentation is required.
Upon successful completion of the AML / KYC procedure, the transaction will be executed.
In case the User refuses to submit to the AML / KYC procedure, the transaction will be rejected and the crypto assets will be returned to their origin after 14 days from the applicable rates. Thereafter, the website service will freeze the user's account and blacklist the wallet address (exceptions to the address of a trusted service may apply). This user account will no longer be eligible to use the website service.
3. Due diligence of the client depending on the risk. When a customer is considered high risk (for example, Politically Exposed Persons (PEP) in senior positions, their family members and close associates) we will conduct enhanced due diligence for the customer. Similarly, if a customer is considered low risk, we will conduct a simplified customer due diligence.
5. Storage of personal data. By using the services of Mrexchanger.com, you agree that we store your personal data in order to prevent money laundering and terrorist financing for 10 years from the termination date of a transaction or business relationship. This includes documents confirming monetary operations or transactions and data or other legally binding documents and data related to the execution of monetary operations or transaction conclusions. You also agree that we store business correspondence with you for 5 years from the termination date of transactions or business relationships with you for the same purpose. These time limits may be additionally extended for up to 2 years, upon reasoned instruction from a competent authority.
6. Reports. Depending on the facts of each case, for example, if we know or suspect that property of any value is derived, directly or indirectly, from a criminal act or from participation in such act, or if we know or suspect that said property is used To support one or more terrorists or a terrorist organization, we may report to the Financial Crime Investigation Service (FCIS) under the Ministry of the Interior of the United States of America.
7. Customer obligation. If the client, when necessary, 1) does not send the data confirming his identity, 2) if the client sends insufficient or incorrect data, 3) if the client or his representative avoids sending the information required to establish identity, 4) if the customer hides the identity of the beneficial owner or avoids sending the information required to establish the identity of the beneficial owner or if the data sent is insufficient for that purpose, or 6) if we cannot guarantee that all the legitimate requirements fulfilled are met, we reserve the right not to establish or continue business relationships and carry out transactions. We can also, after evaluating the threat of money laundering and / or terrorist financing, decide whether to send a report to the FCIS.